v3.26.1
Financing Arrangements
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Financing Arrangements
Note 5. Financing Arrangements
The following table presents a summary of LivaNova’s long-term debt obligations (in thousands):
June 30, 2026December 31, 2025MaturityInterest Rate
2029 Notes$284,929 $275,599 March 20292.50%
Term Facilities— 95,063 
Other
5,154 5,401 
Total long-term debt290,083 376,063 
Less: Current portion of long-term debt175 30,878 
Total long-term debt obligations$289,908 $345,185 
Revolving Credit and Term Facilities
The outstanding principal amount of LivaNova’s short-term unsecured revolving credit agreements and other agreements with various banks was $3.4 million and $0.6 million as of June 30, 2026 and December 31, 2025, respectively, with an interest rate of 5.42% as of June 30, 2026.
On March 8, 2024, LivaNova and LivaNova USA entered into Incremental Facility Amendment No. 3, which provides for LivaNova USA to obtain revolving commitments in an aggregate principal amount of $225.0 million, and matures on March 8, 2029. There were no outstanding borrowings under the revolving facilities under the 2021 First Lien Credit Agreement as of June 30, 2026 and December 31, 2025. As of both June 30, 2026 and December 31, 2025, the applicable commitment fee percentage was 0.25% per annum. As of June 30, 2026, the Company was in compliance with the financial covenants contained in the 2021 First Lien Credit Agreement.
On May 2, 2025, LivaNova made a $200.0 million early repayment of principal under the Term Facilities. This repayment resulted in a loss on debt extinguishment of $2.7 million recognized for the three and six months ended June 30, 2025, associated with the write-off of unamortized debt issuance costs. On January 8, 2026, LivaNova made a $95.9 million early repayment of the remaining outstanding balance under the Term Facilities. This repayment resulted in a loss on debt
extinguishment of $0.9 million recognized for the six months ended June 30, 2026, associated with the write-off of the remaining unamortized debt issuance costs. Loss on debt extinguishment is included in interest expense in the condensed consolidated statements of income (loss).
2029 Notes
The effective interest rate of the 2029 Notes was 9.84% as of June 30, 2026. The unamortized debt discount and issuance costs related to the 2029 Notes as of June 30, 2026 and December 31, 2025 were $60.1 million and $69.4 million, respectively. The initial conversion rate for the 2029 Notes is 14.4085 ordinary shares per $1,000 principal amount of notes, which is equivalent to an initial conversion price of $69.40 per share. Although the Company’s ordinary share price met or exceeded the initial conversion price during portions of the quarter and through the filing date, the conditions required for conversion were not met as of June 30, 2026. Under the terms of the indenture, holders may convert the 2029 Notes during a calendar quarter only if, among other circumstances, the last reported sale price of the Company’s ordinary shares equals or exceeds 130% of the conversion price, or $90.22 per share, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter. Accordingly, the Company included its obligations from the 2029 Notes and the associated embedded derivative as long-term liabilities in the condensed consolidated balance sheet as of June 30, 2026, and the 2029 Notes are not convertible for the three months ending September 30, 2026. For additional information regarding the 2029 Notes and related 2029 Capped Calls, refer to LivaNova’s 2025 Form 10-K and “Note 3. Derivatives and Risk Management.”